- Renaud will also continue as president of Canadian operation
- Current COO Evans will retire at the end of May, insurer says
Manulife Financial Corp. promoted Roger Renaud to global chief operating officer of its asset manager, succeeding Barry Evans, who will retire at the end of May.
Renaud will retain his duties overseeing the unit’s Canadian operation and continue reporting to Manulife Asset Management Chief Executive Officer Kai Sotorp, the insurer said Tuesday in a statement. Renaud’s appointment is effective on May 27.
Insurers have been reshaping asset-management units, which are generally less capital intensive and help add fee income. Sotorp, who joined in 2014 from UBS Group AG, has been seeking to bolster staff and said in July that he’d like to bring in more global and Europe-based capabilities. He hired Claude Chene in June from a Standard Life Plc unit to expand in Europe, the Middle East and Latin America.
“As we continue to expand our asset-management franchise, his expertise will ensure we are well positioned for success,” Sotorp said in the statement about Renaud’s new role. “Roger has successfully led the development and implementation of our asset-management strategy and business in Canada.”
Renaud was named president of the investment manager’s Canada operation in January 2015 after the insurer closed its purchase of the Canadian-based assets of Standard Life. He had previously worked as president of Standard Life’s investment unit in Canada.